What does "fiduciary duty" mean in real estate?

Fiduciary duty in real estate refers to the legal obligation that a real estate professional has to act in the best interests of their client. This duty encompasses a range of responsibilities, including loyalty, confidentiality, full disclosure, and accountability. When an agent enters into a fiduciary relationship with a client, they must prioritize that client's interests above their own or those of any other parties involved.

By understanding fiduciary duty, agents can ensure they are conducting transactions ethically and responsibly, adhering to the trust placed in them by clients. Clients rely on agents to provide sound advice and to advocate on their behalf, which is essential to maintaining the integrity of the real estate profession.

The other options provided do not accurately reflect the essence of fiduciary duty. Representing multiple clients can raise issues of conflicts of interest; informing the public about laws pertains more to educational responsibilities than fiduciary obligations; and while achieving a high selling price can be a goal, it is not the core definition of fiduciary duty, which is rooted in the relationship and the trust established with the client.